Sales: According to the Tuscaloosa Association of Realtors, March home sales in the area increased 4.8% year-over-year (Y/Y) from 313 to 328 closed transactions. Following seasonal trends, sales increased 40.2% from February. Sales are up 4.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: March listings (331) decreased 8.1% from February and declined 27.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.0 months, down from 1.5 months in February and down from 1.5 months in March 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in March was $230,185, an increase of 4.6% from one year ago and a decrease of 1.4% from February. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in March averaged 31 days on the market (DOM), 15 days faster than March 2021.
Forecast: March sales were 1 unit, or 0.22%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 329 sales for the month, while actual sales were 328 units. ACRE forecast a total of 826 residential sales year-to-date, while there were 796 actual sales through March, a difference of 3.6%.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period March 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.